After five years of discussions, deliberation and consultation, the majority of the much anticipated new strata laws will come into effect on November 30 2016; with the new building defect bond scheme starting on July 1 2017.
According to the NSW Department of Fair Trading these laws, “have been modernised to fit the reality of living in a strata townhouse or apartment today,” and are being billed as a once in a generation transformation.
Importantly, more than a quarter of the population of New South Wales are connected in some capacity to strata living – by residing in, owning or managing strata-titled properties.
“more than a quarter of the population of New South Wales are connected in some capacity to strata living”
There are over 90 changes to the existing laws. The principle changes include such initiatives as allowing owners to use technology to conduct, vote and manage their scheme, an easier process to managing disputes, a simpler approach to renovations and a defined process for the collective sale and renewal of a scheme.
At Netstrata, we want to ensure that the strata schemes we manage experience a seamless transition to the new laws and regulations. If you have any questions around how these laws will affect your scheme, don’t hesitate to contact your Strata Manager.
We encourage everyone connected with strata living to familiarise yourself with the new laws.
If you’d like to read more about the changes to the laws, the NSW Fair Trading website contains a summary of the key changes. It’s also a good idea to subscribe to the Fair Trading eNews so that the latest information can be delivered direct to your inbox.
The Fair Trading Department is running information sessions throughout September, October and November in many commercial districts throughout Sydney including Bondi Junction, Lane Cove, Parramatta, Hornsby and Burwood, and some regional towns such as Bathurst, Dubbo, Queanbeyan, Gosford and Nowra. Although these sessions are free, you’ll still need to register your interest through the Fair Trading website.
Strata Community Australia in conjunction with NSW Fair Trading and the Real Estate Institute of New South Wales are presenting a ticketed information seminar on the reforms in late August/early September. These sessions will take place over one afternoon and evening and have been arranged for Tweed Heads, Coffs Harbour, Port Macquarie, Newcastle, Wollongong and the Sydney CBD. You can reserve your spot through the SCA website.
If you have any questions on the changes, contact your Strata Manager at Netstrata.